Gabriel T.

Calilap
BSENTREP 3-2

Activity 4
1. Discuss the real value of marketing research and marketing information and how that value is
attained.

Marketing research is the methodical gathering of data, analysis, and interpretation of facts related to market
conditions. The primary goal of market research is to understand how consumer behavior has changed as a
result of modifications to the marketing mix, which includes price, product, promotion, and place. Market
research helps marketers understand the subtleties of the industry and the shifting trends. It provides an
accurate assessment of changes in consumer tastes and preferences and provides input on the introduction of
new products, among other things. Information, on the other hand, is merely the outcomes of market research
that can be used to outline the concern's future course of action. The data may come from a network of
sources or from a single source.When we discuss the real value that these two notions provide, we can think
about it from two different perspectives: the real value that is produced from the viewpoint of the consumer and
the viewpoint of the business.

2. Discuss the sources of internal data and the advantages and disadvantaged associated with this
data.

Internal data is information that is held by the organization or business itself. Internal information about
previous operations that a corporation can obtain through historical records. Various organizational
departments can be used to retrieve internal data. Any information found within a corporation that is helpful to
the decision-making process is typically referred to as internal data. Internal data typically comes from six
different sources.

-The financial system

This enables you to learn details like the break-even point for the overall business and for a specific product.
The marketing manager might use it to assess the financial success of company marketing initiatives.

-Sales statistics

The marketing manager can plot the sales curve for a specific event using sales figures and compare it to past
years' data and other similar events. The marketing manager can decide what actions to take in the future,
such as marketing strategy, based on such sales figures.

-The customer list

A company's clientele's geographic distribution is a valuable source of data since it enables the company to
identify its primary trade region or regions. This might have an effect on marketing, location decisions, and
advertising campaigns.
-A report on website visits

The foundation of a company's online marketing strategy will consist of knowing information about who visits
your website and how they reach your pages.

-Company staff

A vital component of gathering data and getting feedback from clients is interacting with the employees who
really have touch with them.

-Previous research

Even if material is out-of-date, it could still include significant trends and clues that can be used to analyze the
current situation.

When a business conducts a survey or study, it is initially thought of as gathering primary data; however, once
the report is kept as a file, it becomes internal data.

3. Explain the role of secondary data in gathering customer insights. Where do marketers obtain
secondary data, and what are the potential problems in using such data?

Secondary data is typically gathered by marketers from old research, analyst reports, survey data, and
textbooks. However, employing secondary data may have the drawback that it is not always updated and does
not apply to the current situation. Secondary data is frequently found to form the foundation of research in all
fields. Secondary data is significant and important in its own right. The first major benefit of secondary data is
that it is founded on tested theories and ideas. It offers tried-and-true perspectives on customer insights. The
majority of the time, secondary data from earlier studies are compared to the primary data collected.

4. What are the advantages of web-based survey research over traditional survey research?

Online survey research has many advantages, much like how doing things online has many benefits. Online
surveys are an improvement over the more established, conventional surveying techniques.They are a quicker
technique to assist businesses in making better choices about their goods and meeting the wants of their
clients. Businesses may virtually quickly access market research data online, saving them weeks or months of
waiting.Despite the fact that there are many free tools available to assess market potential and product
interest, they do not enable organizations to comprehend their core clientele.However, there are many various
ways to reach people; each has advantages and disadvantages. One of the finest ways to address all of these
issues is through internet channels. The most effective way to answer the aforementioned questions as well as
many other ones is through online surveys. They are substantially more effective than conventional surveying
techniques.

5. Conduct a web-based survey to at least 20 college students from different universities to learn what
services their university could offer to better meet student needs.